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Articles 1 - 30 of 51
Full-Text Articles in Law
Entire Fairness Or Bust: The Burst Of The 2020-2021 Spac Bubble, Nicole Lynch
Entire Fairness Or Bust: The Burst Of The 2020-2021 Spac Bubble, Nicole Lynch
Brooklyn Journal of Corporate, Financial & Commercial Law
Special Purpose Acquisition Companies (SPACs) have skyrocketed in recent years as an alternative for taking private companies public through an initial public offering (IPO). SPACs are blank-check companies that raise capital through public exchanges for the “special purpose” of acquiring a privately held company. Once acquired, the private company will take the SPAC’s place on the public exchange, effectively accomplishing the same thing as a traditional IPO but without all the onerous reporting requirements and upfront costs. For these reasons, SPACs have become the next big thing in securities markets despite being around since the 1990s. Throughout 2020 and 2021, …
Roberta Karmel And The "Brooklyn School", Edward J. Janger
Roberta Karmel And The "Brooklyn School", Edward J. Janger
Brooklyn Journal of Corporate, Financial & Commercial Law
In this contribution, Professor Janger describes Roberta Karmel’s extraordinary contributions to the intellectual, scholarly, and institutional life of Brooklyn Law School.
“The Eu Challenge To The Sec”: A View From 2021, Howell E. Jackson
“The Eu Challenge To The Sec”: A View From 2021, Howell E. Jackson
Brooklyn Journal of Corporate, Financial & Commercial Law
This essay offers a retrospective appreciation of Professor Roberta Karmel’s scholarship exploring the influence of securities regulation in the United States on developments in European capital markets regulation in the late 1990’s and early 2000’s. Professor Karmel’s writings document a fascinating evolution in this trans-Atlantic relationship as the Securities and Exchange Commission transitioned from the world’s dominant capital market regulator throughout most of the post-World War II era into a more collaborative posture by the end of the first decade of the Millennium. The essay concludes by suggesting that the trends that Professor Karmel chronicled in her scholarship have persisted …
Full Of Questions And Wonder: Roberta Karmel's Legacy, Alan R. Palmiter
Full Of Questions And Wonder: Roberta Karmel's Legacy, Alan R. Palmiter
Brooklyn Journal of Corporate, Financial & Commercial Law
Roberta Karmel has been perhaps the keenest observer and commentator on the securities industry and its regulation for the past five decades. Her observations about securities regulation—during the SEC’s precocious adolescence and into its young adulthood—have framed the academic inquiry of all of us who have written on the subject during this period. But more valuable to us than her observations have been her questions, full of wonder and penetrating insight. We securities academics, the enterprise of securities regulation, and especially market capitalism, all owe an enormous debt of gratitude to Professor Karmel.
Telling The Story On Your Timesheets: A Fee Examiner's Tips For Creditors' Lawyers And Bankruptcy Estate Professionals, Nancy B. Rapoport
Telling The Story On Your Timesheets: A Fee Examiner's Tips For Creditors' Lawyers And Bankruptcy Estate Professionals, Nancy B. Rapoport
Brooklyn Journal of Corporate, Financial & Commercial Law
This short (approx. 5,000 words) essay, which forms the basis of a keynote address to the Federal Bar Association that I’m doing next month, discusses how much of a lawyer’s embedded assumptions and cognitive errors can come across in something as simple as a time entry on a bill. So much can be revealed about how a lawyer views himself or herself in society and about the lawyer’s relationship with the client that it’s worth examining what we can find when we look at legal bills. One note, though: my writing style is informal and distinctive in that regard (especially …
A Rejection Of Absolutist Duties As A Barrier To Creditor Protection: Facilitating Directorial Decisivness Surrounding Insolvency Through The Business Judgment Rule, Philip Gavin
Brooklyn Journal of Corporate, Financial & Commercial Law
This Article draws attention to the difficulties that directors may face when seeking to discharge their duties as a corporation approaches insolvency, in particular when directors must discern the point at which a corporation has become insolvent. It argues that discretion allowed to directors by the business judgment rule will be crucial to overcoming these difficulties. To do this, this article examines the nature of duties owed by directors both before and after insolvency, and accepts the stance taken by Delaware courts in recent years towards an expansive understanding of a corporation’s interests upon insolvency. It then considers unresolved issues …
Qualified Opportunity Funds: Private Equity Exemptions From Public Responsibility, Audrey E. Abate
Qualified Opportunity Funds: Private Equity Exemptions From Public Responsibility, Audrey E. Abate
Brooklyn Journal of Corporate, Financial & Commercial Law
The historic Tax Cuts and Jobs Act (TCJA), passed and signed into law in 2017, included a pilot program of a new kind of tax advantage: the Qualified Opportunity Zone. The obscure provision has since spawned novel investment vehicles, called Qualified Opportunity Funds, through which qualified individuals and entities participate in what are often significant tax advantages, including deferral of capital gains for up to ten years. Because Qualified Opportunity Funds have come into existence so recently, regulation has been slow to catch up to the ways in which this tax program is rapidly attracting capital from private equity, investment …
Proxy Advisors As Issue Spotters, Douglas Sarro
Proxy Advisors As Issue Spotters, Douglas Sarro
Brooklyn Journal of Corporate, Financial & Commercial Law
When institutional investors hire proxy advisors to prepare reports on matters up for vote at public company shareholder meetings, are they interested primarily in acquiring a bottom-line recommendation on how to vote, on which they can then blindly rely? Or in acquiring information that will help them make their own voting decisions? Supporters of controversial reforms introduced by the Securities and Exchange Commission (SEC) in 2019 and 2020 gravitate toward the former position, arguing that reform is needed to discourage undue reliance on proxy advisor recommendations. Opponents gravitate toward the latter position, arguing that additional regulation generally is unnecessary given …
Reducing Conflicts Of Interest: A "Glass-Steagall" Split Of Advisory And Consulting Services Of Proxy Advisory Firms, Austin Manna
Reducing Conflicts Of Interest: A "Glass-Steagall" Split Of Advisory And Consulting Services Of Proxy Advisory Firms, Austin Manna
Brooklyn Journal of Corporate, Financial & Commercial Law
This Note explores a solution to the potential problem with proxy advisory firms that involves an inherent conflict of interest arising from the structure of two services—advisory and consulting services—offered at certain proxy advisory firms in the United States. The solution proposed in this paper applies a Glass-Steagall framework to breakup these two services of the proxy advisory firms. In theory, this would eliminate the inherent conflicts of interest.
Let's Stop Playing Games: Why Better Congressional Interaction Is Required To Protect Young Gamers, Dominick Tarantino
Let's Stop Playing Games: Why Better Congressional Interaction Is Required To Protect Young Gamers, Dominick Tarantino
Brooklyn Journal of Corporate, Financial & Commercial Law
This Note addresses the predatory nature of video game microtransactions, the serious risks they pose, and why an improved plan of legislative intervention is necessary to protect young, vulnerable video game consumers. With loot box microtransactions driving a flourishing industry that has reached unprecedented levels of success, adequate consumer protection cannot properly be achieved through self-regulation. Senator Josh Hawley’s Protecting Children from Abusive Games Act is a step in the right direction, but its broad language will result in unintended consequences that can cripple the entire industry. Revising the bill’s language will protect the intended young consumer and allow for …
Symposium: Consumer Welfare Market Structure And Political Power, Edward J. Janger
Symposium: Consumer Welfare Market Structure And Political Power, Edward J. Janger
Brooklyn Journal of Corporate, Financial & Commercial Law
Two competing visions dominate the fields of antitrust and consumer protection: neo-liberal and progressive. The neo-classical approach is associated with Robert Bork and the Law and Economics Movement. The progressive strand is older, identified with Brandeis and early 20th Century social reform. As a matter of chronology the Brandeisian view dominated into the 1970s, but from 1980, until recently, the Borkian law and economics approach has been in ascendancy in Congress, the academy, and in the courts. Technological change and events in the broader economy have caused the politics and the academic focus to shift. The financial crisis of 2008-09 …
Your Uber Driver Is Here, But Their Benefits Are Not: The Abc Test, Assembly Bill 5, And Regulating Gig Economy Employers, Brian A. Brown Ii
Your Uber Driver Is Here, But Their Benefits Are Not: The Abc Test, Assembly Bill 5, And Regulating Gig Economy Employers, Brian A. Brown Ii
Brooklyn Journal of Corporate, Financial & Commercial Law
In September 2019, California passed Assembly Bill 5 (AB 5) which adopts the ABC test as the standard for determining whether an individual worker is an employee or an independent contractor. This legislation is aimed at gig economy employers, such as Uber, whose workers are arguably misclassified as independent contractors, ultimately denying them access to benefits and the ability to unionize. This Note will discuss AB 5 by identifying the successes and pitfalls of the legislation. While AB 5 is a step in the right direction, the bill still needs to be refined to avoid gaps in enforcement. Further, this …
Cyber-Insecurity: The Reasonableness Standard In Internet Of Things Device Regulation And Why Technical Standards Are Better Equipped To Combat Cybercrime, Chynna Rose Foucek
Cyber-Insecurity: The Reasonableness Standard In Internet Of Things Device Regulation And Why Technical Standards Are Better Equipped To Combat Cybercrime, Chynna Rose Foucek
Brooklyn Journal of Corporate, Financial & Commercial Law
While the Internet of Things (IoT) has created an interconnected world via phones, laptops, and even household devices, it is not infallible. As cyber-attacks increase in frequency, affecting companies of all sizes and industries, IoT device manufacturers have become particularly vulnerable, due in large part to the fact that many companies fail to implement adequate cybersecurity protocols. Mass data breaches occur often. However, these companies are not held accountable due to the use of the reasonableness standard in existing cybersecurity legislation, which is flexible and malleable. In 2019, the California Legislature enacted a cybersecurity law specific to IoT device manufacturers. …
Consumers' Declining Power In The Fintech Auto Loan Market, Pamela Foohey
Consumers' Declining Power In The Fintech Auto Loan Market, Pamela Foohey
Brooklyn Journal of Corporate, Financial & Commercial Law
Automobiles have become part of America’s infrastructure. For most people, having access to a car is crucial to their livelihoods and they will take on significant amounts of debt to purchase vehicles. Auto debt is unlike any other consumer debt, both in its structure, which allows creditors to easily seize collateral, and in its lack of regulation. The unique and lucrative nature of auto debt has not gone unnoticed by lenders or by companies leveraging fintech to offer people new ways to purchase cars and car loans. This Article assesses the evolving marketplace for auto sales, leasing, and loans to …
Warranty, Product Liability And Transaction Structure: The Problem Of Amazon, Edward J. Janger, Aaron D. Twerski
Warranty, Product Liability And Transaction Structure: The Problem Of Amazon, Edward J. Janger, Aaron D. Twerski
Brooklyn Journal of Corporate, Financial & Commercial Law
Amazon, and other internet sales platforms, have revolutionized the manner in which goods are purchased and sold. The obligations undertaken by Amazon in those sales are unclear, both as a matter of transparency, and as a matter of legal doctrine. Is Amazon a store? Is it a shipper? Is it a telephone? In various transactions Amazon can play some or all of these roles. Choosing the right metaphor has consequences. Amazon knows this and has done everything it can to deploy the metaphors selectively to its best legal and practical advantage, even when the chosen characterizations are inapt or even …
The Political Face Of Antitrust, Spencer Weber Waller, Jacob E. Morse
The Political Face Of Antitrust, Spencer Weber Waller, Jacob E. Morse
Brooklyn Journal of Corporate, Financial & Commercial Law
The last twenty years have brought antitrust back to the fore as a political issue of greater salience. Several booms and busts in the economy have highlighted the issue of corporate power in the economy and the political system. The growing influence and aggressiveness of the European Union and other jurisdictions’ competition laws have highlighted the relative retreat in the United States. Political movements in the United States have brought issues of corporate power and its abuse back into the public limelight and with them a greater political salience for antitrust in the election cycle of 2020.
Door Shut And Ears Plugged: How Consumer Reporting Casts Identity Theft Victims Out Of Financial Society And How The Law Can Be Harmonized To Bring Them Back In, Ryan Bolger
Brooklyn Journal of Corporate, Financial & Commercial Law
Consumer Reporting Agencies (CRAs) are the gatekeepers to the American economy. As the chief informants for prospective lenders, landlords, and employers, they exert immense power over the day-to-day decisions of who gets what. Despite these high stakes, the CRAs run consumer reporting as an automated electronic process that causes a lot of reporting errors, disqualifying consumers from essential goods, services, and opportunities. This is painfully true in the context of identity theft, where perverse incentives pollute the integrity of consumer reporting, piling undue harm onto identity theft victims. The law provides a remedy for this problem, but circuit courts are …
The Revolution Of The Commercial Space Industry: Why Current Laws Must Be Replaced Before American Business Expands To The Moon And Beyond, Drew M. Fryhoff
The Revolution Of The Commercial Space Industry: Why Current Laws Must Be Replaced Before American Business Expands To The Moon And Beyond, Drew M. Fryhoff
Brooklyn Journal of Corporate, Financial & Commercial Law
Space, the final frontier. Resting at the rim of the Earth, an endless void full of opportunity awaits those who are willing to take a leap of faith. Historically, only national space programs have been capable of orchestrating expeditions to outer space. However, American aerospace companies now rival governmental entities in their abilities to operate beyond the Earth’s atmosphere. State-of-the-art developments in aerospace technology have positioned the American commercial space sector to become more productive than national space programs in the years to come. Unfortunately, the potential of the American commercial space sector is severely hindered under the Treaty on …
Alternative Data And Insider Trading: Are Investment Managers Assleep At The Wheel On Big Data Use?, William Montemarano
Alternative Data And Insider Trading: Are Investment Managers Assleep At The Wheel On Big Data Use?, William Montemarano
Brooklyn Journal of Corporate, Financial & Commercial Law
The rapid rise of “big data” has transformed the way that professional investors make investment decisions. In addition, the intersection of the United States federal securities laws and the use of “big data” to inform securities trading lies in uncharted waters. The nuanced and factually-dependent securities laws are far behind industry practices, and the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have remained largely silent on the issue to date. This Note argues that this combination of murky laws and rapidly evolving business practices gives rise to legal and regulatory risk, and that investment managers leveraging …
The Modern Pay For Play Model: Laws That Protect Student-Athletes' Fundamental Right To Commercialze Their Names, Images, And Likeness, Paul A. Schwabe Jr.
The Modern Pay For Play Model: Laws That Protect Student-Athletes' Fundamental Right To Commercialze Their Names, Images, And Likeness, Paul A. Schwabe Jr.
Brooklyn Journal of Corporate, Financial & Commercial Law
In O’Bannon v. NCAA, the United States District Court for the Northern District of California entered a permanent injunction against the National Collegiate Athletic Association enjoining the collegiate sports governing body from enforcing limits on student-athlete compensation derived from the use of their name, images, and likenesses rights. The court concluded that NCAA rules unreasonably restrained trade in violation of the Sherman Anti-Trust Act, however, neither the court nor the NCAA laid out a framework for lawfully implementing these new economic rights to student-athletes. Since that ruling, only one state’s legislature, California, has attempted to pass legislation to prevent the …
A Taxonomy Of Cryptocurrency Enforcement Actions, Peter J. Henning
A Taxonomy Of Cryptocurrency Enforcement Actions, Peter J. Henning
Brooklyn Journal of Corporate, Financial & Commercial Law
This article looks at how the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have pursued cases involving cryptocurrencies. A number of prosecutions have been brought against defendants who misled investors into believing that they were obtaining cryptocurrencies when in fact there were simply false statements and schemes to defraud, such as Ponzi schemes. When a company has attempted to issue a cryptocurrency to investors, the SEC has relied on Section 5(a) and 5(c) of the Securities Act of 1933 to require that issuers file a registration statement with the Commission. This is not an easy process …
The Criminal, Regulatory, And Civil Issues Surrounding Intellectual Property And Cybersecurity, Ernest Edward Badway, Christie Mcguinness
The Criminal, Regulatory, And Civil Issues Surrounding Intellectual Property And Cybersecurity, Ernest Edward Badway, Christie Mcguinness
Brooklyn Journal of Corporate, Financial & Commercial Law
Cyber-attacks have affected all organizations and individual consumers. Dissemination of relevant information and attention to strong information security practices is an important tool in fighting this cyber “pandemic.” Additionally, the legal and regulatory liability companies face from cyber-attacks as well as general strategies and practical solutions companies may implement to protect against cyber-intrusions and respond effectively in the event of an attack are considered. There are many iterations of cyber-crime, and we address the various methods cybercriminals use and the many ways cyber-attacks can take place, as well as the entities and victims affected. Moreover, the legal liability and regulatory …
The Heavy Hand Of Amazon: A Seller Not A Neutral Platform, Edward J. Janger, Aaron D. Twerski
The Heavy Hand Of Amazon: A Seller Not A Neutral Platform, Edward J. Janger, Aaron D. Twerski
Brooklyn Journal of Corporate, Financial & Commercial Law
Since the adoption of Section 402A of the Second Restatement of Torts, every party in a product’s distribution chain has been potentially liable for injuries caused by product defects. Consumers who buy from reputable sellers are almost always guaranteed to have a solvent defendant if injured by a product defect. Amazon, though responsible for a vast number of retail sales, has sought to avoid liability by claiming that it is not a seller but a neutral platform that merely facilitates third-party sales to consumers. With two significant exceptions, most courts have sided with Amazon and concluded that Amazon is not …
“Estonia’S Gift To The World”: The Implementation Of A Blockchain Protocol For Corporate Governance In New York, Sydney Lauren Abualy
“Estonia’S Gift To The World”: The Implementation Of A Blockchain Protocol For Corporate Governance In New York, Sydney Lauren Abualy
Brooklyn Journal of Corporate, Financial & Commercial Law
The traditional procedures of corporate governance are not designed to resolve issues related to close outcomes of corporate votes, empty voting practices, the proxy voting protocol, verification of shareholder identities, and access to corporate records. Blockchain technology allows all corporate shareholders to participate in corporate governance more conveniently, with increased transparency, on a secure network. Estonia sought to revolutionize corporate governance by facilitating the development of a blockchain based e-voting protocol for shareholders of companies listed on the Tallinn Stock Exchange to vote in shareholder meetings. After unsuccessful attempts, New York stands well behind other states, such as Delaware, in …
Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon
Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon
Brooklyn Journal of Corporate, Financial & Commercial Law
Bankruptcy law changed drastically in 2019 with the passage of several bills. This Note will examine two of them. First, the Family Farmer Relief Act of 2019 raised the debt limit of the family farmer from $4,411,400 to $10,000,000. This enables more financially distressed family farmers to be eligible for Chapter 12 relief, a reorganizational tool designed for farmers. Second, the Small Business Reorganization Act of 2019 created Subchapter V – Small Business Debtor Reorganization in Chapter 11. This new Subchapter streamlined the reorganization process for small business debtors by removing roadblocks which often derail a reorganization of a small …
Unmasking The Villain: Exposing Scammers’ Identities To Defeat Harmful Calls, Katherine Teng
Unmasking The Villain: Exposing Scammers’ Identities To Defeat Harmful Calls, Katherine Teng
Brooklyn Journal of Corporate, Financial & Commercial Law
Since 1991, Congress has attempted to limit unwanted phone calls through legislative efforts. However, past and current laws remain ineffective as scam call complaints continue to increase while the harm of these calls remains severe. Currently, the laws affecting telecommunication regulation focus on reactive measures rather than preventative solutions. Most recently, Congress has passed the Telephone Robocall Abuse Criminal Enforcement and Deterrence Act, which will require telecommunication companies to implement SHAKEN/STIR technology to end scam calls before they reach consumers. While this is the most progressive legislation addressing scam calls, this Note will suggest that phone numbers be registered to …
Chipping Away At Compliance: How Compliance Programs Lose Legitimacy And Its Impact On Unethical Behavior, David Hess
Chipping Away At Compliance: How Compliance Programs Lose Legitimacy And Its Impact On Unethical Behavior, David Hess
Brooklyn Journal of Corporate, Financial & Commercial Law
Employee perceptions of an organization’s compliance program are critical. A program that has lost legitimacy with its employees is not just ineffective, but it creates more harm than good by leading to more unethical behavior. This Article identifies ways in which compliance programs can start to lose legitimacy, explains how that lost legitimacy leads to increased wrongdoing, and then concludes by setting out some basic reforms focused on helping stop this downward spiral and protecting the legitimacy of the compliance function.
Social Responsibility Regulation And Its Challenges To Corporate Compliance, Stephen Kim Park
Social Responsibility Regulation And Its Challenges To Corporate Compliance, Stephen Kim Park
Brooklyn Journal of Corporate, Financial & Commercial Law
This Article addresses the intersection of corporate social responsibility and corporate compliance. In this context, the focus of this Article is on regulation that seeks to enhance socially responsible corporate conduct and its implications for the compliance function. Social responsibility regulation raises operational concerns for companies, including problems associated with assessing social performance, the proliferation and fragmentation of legal obligations, and the contested nature of the social issues that it addresses. As laws mandating socially responsible corporate conduct continue to grow in number and expand in scope, corporations will increasingly need to acknowledge and respond to these challenges.
“Fair Enough”? Revising The Yellowstone Injunction To Fit New York’S Commercial Leasing Landscape And Promote Judicial Economy, Gabriel W. Block
“Fair Enough”? Revising The Yellowstone Injunction To Fit New York’S Commercial Leasing Landscape And Promote Judicial Economy, Gabriel W. Block
Brooklyn Journal of Corporate, Financial & Commercial Law
The Yellowstone injunction is an equitable remedy that tolls any applicable cure period and gives tenants a better opportunity to maintain their leasehold when they have defaulted under their lease. The remedy is available to commercial tenants in New York City and to commercial and residential tenants throughout the State. This Note examines the Yellowstone injunction in the context of New York City’s commercial tenants, who employ it most frequently and benefit most from its protections. This Note examines the development and application of the Yellowstone injunction and proposes changing the doctrine to exclude cases of monetary defaults and expired …
Artificial Intelligence & Artificial Prices: Safeguarding Securities Markets From Manipulation By Non-Human Actors, Daniel W. Slemmer
Artificial Intelligence & Artificial Prices: Safeguarding Securities Markets From Manipulation By Non-Human Actors, Daniel W. Slemmer
Brooklyn Journal of Corporate, Financial & Commercial Law
Securities traders are currently competing to use Artificial Intelligence (A.I.) in order to make more profitable decisions in the marketplace. While A.I. provides superior abilities in recognizing market patterns, its complexity can obscure its decision-making process beyond human comprehension. Problematically, the current securities laws prohibiting manipulation of securities prices rest liability for violations on a trader’s intent. In order to prepare for A.I. market participants, both courts and regulators need to accept that human concepts of decision-making will be inadequate in regulating A.I. behavior. However, the wealth of case law in the market manipulation doctrine need not be cast aside. …